(1) The Treasurer may direct a GSF agency (or part of a GSF agency) to pay
financial distributions to the Treasurer.
(2) A direction may--
(a) specify
the amount of financial distributions to be paid (or specify a methodology for
determining amounts to be paid), and
(b) specify the timing and manner for
payments, and
(c) impose any other terms and conditions (including concerning
the preparation and provision of accounting or other statements) that the
Treasurer considers should be imposed, and
(d) be contained in the
Treasurer's directions or in a separate written direction given to the GSF
agency concerned.
(3) The Treasurer must consult both the
accountable authority and responsible Minister for the GSF agency in
accordance with section 3.5 about proposed directions to be given to the
agency under this section.
(4) A GSF agency to which a direction applies must
comply with the direction.
(5) The Treasurer must, within 30 days after
giving a direction to a GSF agency or part of a GSF agency, publish a notice
in the Gazette setting out the amount of the financial distributions to be
paid.
"financial distribution" , in relation to a GSF agency, means an amount
calculated by reference to the value of the assets, revenue or other resources
(or some portions of the assets, revenue or other resources) of the agency.
Note : This section is a paramount provision of this Act. Section 1.8 requires
a person or other entity to whom a paramount provision applies to comply with
the provision (including any regulations made for the purposes of that
provision) even if it may result in a non-criminal contravention of other
legislation. It also provides that compliance does not result in any civil
liability and displaces the operation of the Corporations Act 2001 of the
Commonwealth to enable compliance.
